Northern Petroleum says that its environmental impact assessment (EIA) for the acquisition of 3D seismic data across the Giove undeveloped oil discovery and the Cygnus exploration prospect in the southern Adriatic has been approved by the Italian regulatory authorities. In addition, EIAs for two of the Company's exploration permit applications, contiguous to the two existing permits in the southern Adriatic, have been approved.
•EIA approval for the acquisition of 3D seismic within the 100 per cent owned permits, F.R39.NP and F.R40.NP
•F.R40.NP contains the Giove oil discovery with 2C contingent resources of 26 million barrels of oil
•F.R39.NP contains the Cygnus exploration prospect with mean unrisked prospective resources of 446 mmbbls
•EIA approval for two further exploration applications, contiguous to the F.R39.NP and F.R40.NP permits
•The Company will seek a farm in partner prior to acquiring the 3D seismic
Keith Bush, Chief Executive Officer, commented,'The Company has been working with the appropriate authorities in Italy to progress its permits and applications, and has refrained from discussing the opportunities until tangible progress has been made. This has now happened, both with the approval of these EIAs and also the recent farm out of the Cascina Alberto permit to Shell. The Italian portfolio continues to be a core area for Northern and the possibility of value being realised over the short and medium term from these assets has significantly improved.'